Employer Branding to Empower Recruiting and Retention
Every company has an employer brand. This is essentially the reputation that is perceived by customers and current/potential employees of what it’s like to work at a particular company. It is uniquely different than, but critically connected to, the customer brand. Every company has the opportunity to shape their employer brand and create a differentiated perception of their company to ultimately attract and retain the "right" talent to execute business strategies.
Focusing on employer branding is becoming more important because (1) the talent pool is shrinking and (2) competition for talent is intensifying.
- If baby boomers leave the workforce when they are eligible for retirement, there aren’t enough Gen Xers to replace them.
- According to the Bureau of Labor Statistics, by 2010, 10M U.S. jobs will go unfilled, and by 2022 30M U.S. jobs will go unfilled.
In today’s workforce, people have many job opportunities to explore and the best performers have a number of options available to them at all times. So, how does a company begin to compete for the best performers needed in their business? Simply stated, although not simply implemented, the answer is through employer branding that is targeted to the employees they need today and in the future.
There is a continuum of options available to build an effective employer brand. Which options are chosen are highly dependent upon the level of executive involvement in the process and the openness of the leadership team to look at the difference between 1) candidate perception and reality and 2) the current vs. aspirational view of company culture. At a minimum, the company can begin by realigning the recruitment process so that it transparently reflects the culture of the company. The experience that candidates have in the recruiting process shapes potential employees’ and, in some cases, customers’ perceptions of the employer brand. Optimally, the executive leadership invests the time and resources to identify, cultivate and communicate the employer brand needed to attract the right talent to the organization.
No matter where the company starts, the best thing to do is get started, get focused, and begin to look at candidates as a type of customer. Candidates have specific needs that have to be addressed just like the consumers of your products/services have needs that need to be addressed. We all know that the one who meets the customer needs the best usually wins!